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CU System
Australian banks behind CUs in customer satisfaction
SYDNEY, Australia (7/29/10)--Australia's credit unions and building societies have maintained their edge over the country's banks in the latest customer satisfaction survey. Australia's banks improved their customer satisfaction rate the past year but are still well behind credit unions and building societies, according to a June survey by Roy Morgan Research, an Australian marketing and public opinion survey firm (Business Day July 28). Credit unions had 86.3% in customer satisfaction, compared with banks' 73.5% and building societies, which are mutual associations, with 89%. Although Australia and New Zealand Banking Group (ANZ), the third largest bank in Australia, was the market leader among the nation's Big Four, it remained at 75.5% in customer satisfaction. Commonwealth Bank of Australia, which has the largest market capitalization, gained a little on ANZ, the study said. A similar poll studying small business owners' satisfaction with banks found that the small businesses' satisfaction level with each of the four big banks--ANZ, CBA, NAB and Wespac--fell further behind the rate for smaller financial institutions. Their satisfaction level was nine percentage points lower than other customers' satisfaction with the four banks and 8.9% lower for all banks. Generally, small businesses rated their satisfaction levels 7.3 percentage points lower than other bank customers, according to a press release (RoyMorgan.com July 10).
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